SIALKOT: Securities and Exchange Commission of Pakistan (SECP) Joint Director Mian Ahmad Ibrahim on Monday said that the commission has intensified efforts to introduce much-needed reforms.
Ibrahim was speaking at a session held in collaboration with USAID to introduce the concept of limited liability partnership (LLP) in Pakistan at the Sialkot Chamber of Commerce and Industry (SCCI).
The session was attended by SCCI Senior Vice President Mir Alamgir Meyer, USAID representative Asif Chishti and members of the bar council as well as teachers.
Addressing the participants, the speakers said that introducing LLP as a new business structure was envisaged to fill the gap between business firms such as sole proprietorship/partnership and companies registered under the Companies Ordinance 1984. The LLP regime would provide a platform to small and medium enterprises which would in turn increase their global competitiveness and would also assist professional firms of chartered accountants and advocates to conduct their business/profession efficiently. The introduction of LLP would provide an alternative form of business organisation where there is flexibility of a general partnership and on the other hand all the advantages of the limited liability company, they added.
Ahmad Ibrahim said, “SECP believes that corporates are the engines of economic growth and the Pakistani economy, with its potential and untapped strengths, generates and invites global interest both for investment opportunities as well as wealth creation. The SECP chairman has a vision which aligns with the broader mission of the government to engage the public and stakeholders in formulating legislation and policy.”
Corporate Laws Review Commission Consultant Musharraf Khan, the person in charge of the LLP project, said, “This advocacy and consultative exercise will be the first step in the directions of having a LLP regime in Pakistan. These sessions are aimed at provoking critical examination of the concept paper and the Draft Bill by all stakeholders. The SECP believes that increasing the level of transparency and increasing engagement with interested parties will improve the quality of policy making.”
The timing of the advocacy and consultative sessions is quite significant, because the SECP is in the process of drafting the LLP law in collaboration with other stakeholders and this is a first step in that direction.
